Gridiron BioNutrients Announces $4 Million Series B-1 Financing
Scottsdale, Arizona--(Newsfile Corp. - November 30, 2021) - Gridiron BioNutrients™ (OTCQB: GMVP), today announced the Company completed a $4 million Series B-1 financing. The financing included equal participation from Lincoln Park Capital Funds, LLC ("LPC") and L1 Capital Opportunities Master Fund Ltd. ("L1"). Tim Orr, Interim CFO stated, "We are excited to receive this institutional investment from both LPC and L1; the funding will directly support the commercialization and expansion of the global operational footprint of Mioxal, a patented pharmaceutical drug that provides physicians a therapeutic tool to treat Fibromyalgia and Chronic Fatigue Syndrome. Mioxal is currently approved in seven (7) European Countries and is currently in the process of approval in the United States and Columbia."
"This investment will not only allow the Company to accelerate the global commercialization of Mioxal, it also gives us the support to implement Phase I Studies for five (5) pharmaceutical therapies (patent pending) that will have the ability to treat depression, epilepsy, post-traumatic stress disorder (PTSD), addiction and dermatological disorders," said Jeffrey Kraws, CEO, Gridiron BioNutrients.
About Gridiron BioNutrients™
Gridiron is in the CBD space with and has had a focused on the development and commercialization of high-quality innovative CBD products within the health and wellness marketplace. Gridiron strives to formulate and design products that maximize the human body's potential enabling individuals to heal faster, train longer and recover quicker.
Safe Harbor Statement
Except for historical information contained herein, statements in this release may be forward-looking and made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Words such as "anticipate", "believe", "estimate", "expect", "intend" and similar expressions, as they relate to Gridiron BioNutrients Inc. (the "Company") or its management, identify forward-looking statements. These statements are based on current expectations, estimates and projections about the Company's business based, in part, on assumptions made by management. These statements are not guarantees of future performance and involve risks, uncertainties and assumptions that are difficult to predict. Therefore, actual outcomes and results may, and probably will, differ materially from what is expressed or forecasted in such forward-looking statements due to numerous factors, including those described above and those risks discussed from time to time in the Company's filings with the Securities and Exchange Commission. Factors which could cause actual results to differ materially from these forward-looking statements include such factors as (i) the development and protection of our brands and other intellectual property, (ii) the need to raise capital to meet business requirements, (iii) significant fluctuations in marketing expenses, (iv) the ability to achieve and expand significant levels of revenues, or recognize net income, from the sale of our products and services, (v) the Company's ability to conduct the business if there are changes in laws, regulations, or government policies related to cannabis, (vi) management's ability to attract and maintain qualified personnel necessary for the development and commercialization of its planned products, and (vii) other information that may be detailed from time to time in the Company's filings with the United States Securities and Exchange Commission. The Company undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.
SOURCE Gridiron BioNutrients, Inc.
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